L Capital Asia, the Asian arm of global luxury brand Louis Vuitton Moet Hennessy (LVMH), has today announced it will take controlling interest in Seafolly, leading the iconic Australian swimwear brand into global growth and building it into a lifestyle brand.
Mr. Anthony Halas, CEO of Seafolly, said in a press release, “Our partnership with L Capital cements plans for international expansion and the development of Seafolly into a full lifestyle brand.” He added, “This is a very exciting time for Seafolly as our core focus has been the swim market of which we are the global leader.”
Mr. Ravi Thakran, Chairman & Managing Partner of equity fund L Capital Asia, is also “excited” about the transaction, and understands the ins and outs of Seafolly’s foundation. “Under Anthony’s leadership, Seafolly has grown over time into one of the strongest lifestyle beach brands, and we look forward to partnering towards a new chapter in the brand’s growth.”
“We want to become a true beach lifestyle brand, maximising our swimwear, apparel and accessories,” Anthony told SmartCompany earlier today. Following its recently launched sunglasses line, skincare and sun protection products are high priority for the new chapter of Seafolly.
Anthony also told SmartCompany that Ravi not only understands brands and the fashion space, but his international connections will “open doors” for Seafolly and help it to become an “international iconic beach brand”. Ravi said in a news release, “Seafolly invokes Australian summer and beaches in people’s minds across the world, and we expect to take the brand to more people across the globe.”
Seafolly is the latest home-grown brand to become part of L Capital Asia’s portfolio, joining other much-loved Aussie brands like RM Williams, 2XU and Jones the Grocer. According to SmartCompany, the Seafolly deal is worth more than $100 million, though Anthony and his family will still retain a stake of more than 20 per cent in the business.
But just because Seafolly as we know it might change forever, that doesn’t necessarily have to be a bad thing. We’re already firm fans of LVMH brands like Louis Vuitton and Guiseppe Zanotti, so who’s to say Seafolly won’t own an even bigger place in our summer wardrobes with the help of L Capital?